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TAXline News: December 2018

Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during December 2018.

Following hard on the heels of the Budget on 29 October 2018, we published our detailed analysis, which is still available by following the links on our website. My thanks are due to the Tax Faculty team for contributing to it and, in particular, to Jane Moore for editing it to her usual very high standard despite having to meet a very short timescale for publication. On 31 October Anita Monteith hosted a Budget TAXtalk, where she was joined by me and ICAEW’s head of public sector, Ross Campbell. Finally, on 16 November 2018 we held our Budget and Finance Bill webinar, presented by Anita Monteith, Caroline Miskin and Sue Moore.

The Finance Bill 2018-19 and associated explanatory notes were published on 7 November 2018. The Finance Bill clocks in at 315 pages, but that does not include the legislation for the extension of IR35 to the private sector, which will be in the Finance Bill 2019-20. We welcome the fact that businesses will have until 5 April 2020 to implement the extension of the IR35 rules, but it would be helpful to see the draft legislation as soon as possible given the scale of systems changes that many businesses will need to implement. In the meantime, we would welcome members’ comments on the Finance Bill clauses – please send them to Ian Young.